457Regulations prescribing matters relating to protected deposits

1. The Minister must, before recommending regulations under section 455(1)(c), have regard to—

2. the purpose of Part 6 set out in section 190; and
3. the principle that the regulations should be consistent with the Bank efficiently and effectively performing its functions under Part 6.

4. The Minister must, before recommending regulations under section 455(1)(d) and (f),—

5. have regard to the purpose of Part 6 set out in section 190; and
6. have regard to the economic substance of the securities to which the regulations relate; and
7. be satisfied that the regulations are necessary or desirable in order to ensure that compensation under that Part is available only in relation to debt securities of the kinds mentioned in subsection (3).

8. For the purposes of subsection (2)(c), the debt securities are either of the following:

9. debt securities that—
   1. are commonly referred to in the financial markets as current account, savings account, or term deposit products; and
   2. are not readily tradable:
10. debt securities whose economic substance is substantially similar to any of the debt securities referred to in paragraph (a).